Top Rated Reconciliation Software: Businesses Need to Try!

For any business, large or small, account reconciliation is a mandatory step to perform. It is the process of comparing internal and external financial statements from banks or other financial institutions to ensure that everything is correct and in agreement.

Reconciliation is an age-old process typically carried out by accountants who spend a long-time cross-referencing records at the end of every accounting period to make sure the records match and are accurate. The applications and importance of reconciliation software have grown a lot, which has led to the development of this market. According to a research report by Astute Analytica, the Global Reconciliation Software Market is expected to grow at a CAGR (Compound Annual Growth Rate) of 15.5% during the forecast period from 2023 to 2031.

A robust accounts reconciliation software can improve the accuracy, speed, and efficiency of one’s accounting system. As the tool automates the reconciliation process, businesses can streamline their daily operations and improve their business performance. Business owners and service providers can rely on this tool to get more work done in less time.

Reconciliation Software Features that Businesses Require

• Minimized Error: The software enhances internal controls, allows for seamless functioning, and ultimately reduces mistakes.

• Delegated Responsibility: The software will allow us to assign roles and manage access; the approval process becomes swifter.

• Standardized Process: Account reconciliation software will automatically run reconciliation at the end of every accounting period; leading to a faster and easier financial close process, improving accuracy and insights, and freeing time for the finance team to focus on higher-level objectives.

• Recorded History: All history of reconciliation is stored, making it useful for audits and compliance.

Top 5 Reconciliation Software

Xero is a cloud-based accounting software that helps businesses manage their finances. It offers features such as invoicing, expense tracking, and bank reconciliation. It allows users to easily reconcile accounts from multiple sources, including bank accounts and credit cards. It also helps to streamline processes and save time.

Oracle NetSuite is a cloud-based accounting software that offers accounts reconciliation, invoicing, and other financial management features. It has an intuitive interface and comprehensive functionality to reconcile accounts quickly. NetSuite provides a real-time view of the financial data, enabling users to automate account reconciliations and streamline the entire process from end to end.

Cube is FP&A software that caters to finance professionals who wish to work within their favored environment, the spreadsheet. Cube helps finance teams reconcile and close quickly and seamlessly with robust reporting features and easy collaboration. Users get all the benefits of a robust FP&A tool within Excel and Google Sheets.

Blackline is a cloud financial close software system that aids in supporting continuous improvement in the business. Blackline has features that cover financial close process management, including reconciliations and accounting automation. One can set up approval and review processes to ensure that the global company's financials are accurate across different currencies and geographies.